Daily Currency Update

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The Canadian Dollar Pricing Remains Volatile

CAD - Canadian Dollar

The Canadian dollar fell against its G10 counterparts and particular to the U.S. dollar yesterday and overnight. The economic threat of the spreading COVID-19 pandemic has weighed heavily on equity markets and added to a sharp first-quarter decline. The loonie at times of uncertainty is very sensitive to the flows of global trade and capital, as it is a significant exporter of commodities and oil. The loonie continues to have large swings in pricing over a trading day of as much as 275 basis points. Resistance is seen at 1.4280 and support is at 1.4000 currently. West Texas intermediate prices have climbed to 25.17 a barrel up 23.73 percent today and gold trades 1.23 percent higher at 1611.07.

Key Movers

The risk-off shift help bolsters demand for the JPY and USD through trade on Wednesday as both currencies advanced near 1 percent against most other major counterparts. The USD remained well bid, doubling down on gains enjoyed through month-end re-balancing, edging upward across a variety of critical indices, while forcing the EUR back below 1.10.Attentions now turn to U.S. unemployment claims as a critical early marker of just how deep and widespread the economic impact of the COVID19 pandemic will be. Last week 3.3 million people filed for unemployment with another 3.3 million filling claims, today's release should weekly jobless claims hit 6.6 million. As the coronavirus brings both domestic economies and the global economy to a grinding halt, another poor unemployment read will only highlight the expense that lays before governments in supporting their citizenry through this unprecedented crisis

Expected Ranges

USD/CAD: 1.4078 - 1.4298 ▼

EUR/CAD: 1.5313 - 1.5535 ▼

GBP/CAD: 1.7452 - 1.7692 ▼

AUD/CAD: 0.8524 - 0.8638 ▼

NZD/CAD: 0.8325 - 0.8428 ▼

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